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HomeMy WebLinkAbout0599 • ! Borrower and Lendes oovenant and a~res as tolbvw: i. Pq?ment o! Prfncipal and laterest. Borrowes ehall promptly pay when due the principaf of snd interest on the indebtedness evideitoed by the Note. prep~yment a~d late charge~ aa pmvided in the Note, and the p;incipnl of and inter~e~t on any ~ture Advar?cea ~ecured by thi~ Mort~aRe. ~ ° 2 F~ad~ for Te~e~ end Insuraaoe. Subjat to apptica6le law or b a written waiver by Lender, Barrower ahall pay to l.eader on the day ~ s monthly instaUmenta of principal and in~t are payeble unde~ the Note. until the Note ia paid in full. a eum (herein "~nda'7 equal to o~o- i twelRh of the yearly taxe~ and assesamenta which may attain priority over this Mortgage. and ground rents un the Property. if any, plue one- twelfth of yearly premium inatallments for hazard i~aurance, plua onetwelRh of yearly premium installmeMe for anortgage inaurance, i[any, all ae e~easonabfy estimated ihitial~y and fmm time b lime by Lender on the besia of eeeessments and billa and reaeonable estimatee thereof. ~ The P1~nd~ shall be held in a~n institution eha deposita or aooounts o[ rvhich are insund or guarenteed by a Federal or 3tata agency (iacluding I.ende~ if I.eader is such an institution). I.ender shall apply the Pbnds to pay said taxee, asaeaements, insuranoe premiwns and ground rents. I.ende~r me~y not char~e for so holding and apPlyi~g the ~nda, analyzing said account, or verifying and rnmpilin~ said aiseesments and bills. unleas Lender paye Botrower interest on the PY~nds and applicable law peeinita I.ender to make such a charge. Borrower and Lend~ may sgree in writing at the time of e:ecution of this Mortgege that interest on the"Funds ehall be paid b Bor~+ower. and unlesa ~ such agreemeat ia made or applicable la~r requires such interest to be paid, Lender shall aot be required to pay Borrowe~r any iaterest or earaings on the I~nds. Lender shap give b Borrower, without charge, an annual aooounting of the Funds ahowing credits and debita to the ~ Fru~de and the purpose for which each debit to the FLnde was made. The Funde are pledged ae additional eecurity for the eums aecured by thia - Mortgage. 3 If the amount of the fi~nde held by Lender. together with the fnture monthly installmenta of Funds payable prior to the due dates of t~es, esaeeements, inaursnoe pr~niuma and ground rente. ahall e:c~ed the amount required to pay said taxea, aeaesaments. inauranoe preaaiums and ground nnta as they fall due. such ezcess shall be. at Borrowei e option. either prompdy repaid to Borrower or credited to Horrower on monthly installments of PLnds. If the amouat of the ~nda held by Lender ehall not be sufficient to pay taxea, aseeeementa, insurance ~ premiuma and ground rents as they fall due, Borrower ehall pay to Lender any amount necessary to make up the de6ciency within 30 days ' from the date notice ie meiled by Lender to Borrow~ requesting payment thereof. . Upon paymeat in full of all suma secured by thia Mortgage. Lender shall pmropdy refund to Borrower any funde held by [.ender. If under ' paragraph 18 hereot the Property is eold or the Property is otherwiae acqui~~e~er, ~der ahall apply, no later ehan immediately prior ~ to the eale of the Propetty or its aoquisition by Lende~, any Pbads held by !~n er at the time of appGcation ea a credit againat the aums secured by this Mortgage. . < ~41?'Y'i ~ . 3. Applieation of Paymente. Utiless applicable law provi~,ptherw+i~Na~q~xYeHi~eceived by Lender under the Note and ~ paragraphs 1 and 2 hereof ahall be applied by Leaderfirst~in peyment of ~o te payabl~fp ~71~6y Borrower under paragraph 2 hereof, j then to iatereet payable on the Note. then to the pr}ncipal of the Ndfe. afi~~e`~i ~to intereat and Frj~.~pal on any F~ture Advancea. 4. Chargea; Liens. Borrower ahali pay all taxea, assessmenta and other charg~s,fines arid ~r~lpositions attributable to the Property which may attain a priority aver Lhia Mortgage, and leaeehdfd payments or ground rente. if any. in the manner pmvided under paragraph 2 hereof or, if not paid in such manner. by Borrower malcing paymenf~ when due. directly to the payee thereof. Borrower shall promptly furnieh to Lender . all noticea of amounte due under thia paragraph, and in the event Borrower shaU make payment directly. Borrower shall pmmptly furniah to I.ender receipta evidencing euch paymente. Borrower ahall promptly diacharge any lien which has priority over thia Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower shall agree in writing b the payment of theobligation secared by ~ such lien in a manner acceptable to Lender, or shall in good faith rnnteat such lien by, or defend enforcement of such lien in, legal pro~r~iings ; which operate to prevent the enforcement of the lien or forfeitare of the Property or any part thereof. ? 5. Hazard Inaurance. Borrower shall keep the improvements now eziating or hereafter erected on the Property ineured against loss by ~ fire, hazards iacluded within the term "eutended ooverage." and auch other 6azarde ae Lender may require and in euch amounts and for euch ~ perioda as I.eader may require; provided, that Lender ehall not require such ooverage amount e:ceeding the minimum, aa may be required by ; state or federal regulationa governing activities of Lender, or thst amount of coverage required to pay the auma eecured by thia Mortgage, ` whichever is the greater. The insurance carrier providing the ineurance shall be chosen by Borrower subject !o approval by I.ender, provide~l, that such approva! - shall not be unreaeonably withheld. All premiuma on inaurance policies ahall be paid in the mannet provided under paragraph 2 hereof or, if not paid in such manner. by Borrawer making payment, when due. directiy to the insurance carrier. All insuranoe policies and renewale thereof ahall be in form acceptable to Lender and ahall include a standard mortgage clause in favor of and in form aoceptabte to Lender. I.ender shaU have the right to hold the policies and renewala thereof, and Botrower ahall pmmptly fumish to i.ender all renewal aotices and all receipts of paid premiume. In the event of loss; Borrower shall give prompt notice to the ineurance carrier i and I.ender. Lender may make proof of Iaea if not made prompdy by Borrower. Unlese Lender and $orrower otherwiae agree in writing. ineurance proceede shall be applied to restoration or repair of the Property I damaged, provided auch reetoration or repair ia economically feasible and the aecurity of thie Mortgage ie not thereby impaired. If such ' restoration or repair ie not eoonomicaUy feasible or if the security of this Mortgage would be impaired the inaurence proceeds ahall be applied _ ~ to the suma eecuted by thiB Mortgage, with the e~cesa, if any, paid to Borrower. If the Property ia abandoned by Bormwer, or if Borrower faila to • E reapond b Lender within 30 daya from the date notice ie mailed by Lender to Borrower that the inaurance carrier offera to eetde a claim for - t ineurance benefita, Lender is authorized to rnllect and apply the insurance proceeda at Lender s option either to restoration or repair of the ~ Property or the euma secured by thia Mortgage. ' Unleas Lender and Borrower otherwise agree in writing, any auch application of proceede to principal sha~l not e:tend or postpore the due : ~ date of the monthly inetallmenfa referred to in paragraphs I and 2 hereof~,or change the amount of such inatallments. If under paragraph 18 hereaf the Property ie aoquired by I.ender. all right, tide and interest of Borrower in and to any insnrance policies and in and to the proceede thereof reaultu~g from damege b Property prior to the eale or aoquisition shall peee to Lender to the e:tent of the suma eecured by thia Mortgage immediately prior to such sale or aaquisition. - 6. Preservation and Maintenance olProperty; Leaseholde; Condominnme; Planned Unit Developmeats. Borrower shall keep the Property in good repair and ehall not commit waete or permit impairment or deterioration of the Property and ahall oomply with the pmviaione of any leaae if thie Mortgage ie on a leaeehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, Borrower ahall perform all of Borrow~'s obligations under the declaration or covenants creatingor governing the oondominiam or planned unit developanent, the bylawa and regulationa of the condominium or planned unit development~ and conetituent docnments. If a ` condomir,ium or planned unit development rider ia ~ecuted by Borrower and recorded together with thie Mortgage, the oovenante and ~ agreemente of such rider ahaU be incorporated into and ahall amend and supplement the covenanta and agreeroenta of thia Mortgage aa if the - rider were a part hereof. 7. Protection of Lendet'~ Securtty. If Borrower fails to perEorm the wvenante and agreements contained in this Mortgage, or if soy ~ action or prooeeding is oommeaoed w~hich materially affects Lender's interest in the Propezty, including, bnt not limited to. eminent domain, ~ ~ inwlv~cy~ oode enforcem~f, or atrangemeata or pmoeedings involving a bankr~pt or decedent, then Lender at I.ender'a option,npon notice to Borrower may malce encb appearances. disburse auch sums and take snch action as is neoeesary to proteet Lende~'~ intErcat, inclnding, but not limited to, disbnroanent of nawaable atta~rney's fees and entry npon the Property to mal~e repairs. If Leader required ~ martgage insnranoe as a oondition of ineking We loan secared by this Mortgage, Borrower ~hall pay the premiums reqaired to maintaia ; ~ such insuranoe in ~ect antil snch time as the reqnirement for such insuranoe terminatea in aocordanoe with Borrower's and Lendds wtittea agreEment or, applicabk I.aw. Borrower ahall pay the amount of all mortgage insurance premiuma ia the manner provided undet ; PgragrBPh 2 hereof. ~ Any amoants disbursed hy Lender persuant to this paragraph 7, with intereat thereon, shall beoome additional indebtedness of ' Borrowa secvred by this Mortgage. Unlees Borrower and L,ender agree to other terms of payment~ such amonnte shall be payable upon notioe from I.ender to Borrower reqnesting payment thereof, and shall bear interest from the date of diabursement at the rate payabie from time to time on avt~tanding principal under the Note unlees payment of interest at euch rate waild be wntrary to applicable law, in which ~ event snch amounts ahall bear interesL at the higheet rate permiseible under applicable law. Nothing oontained in this paragraph 7. ahall { reqain I.ender to incur any ~pense or teke any action hereunder. ; . j ~ ~ . ~~~~28~ 5~7 ~ ~ , . i ; . . ~ ~ :